Houston-based EnerVest, an oil and gas resource fund sponsor, has seen a $2bn fund collapse to be worth nearly zero, according to a July 16 report by the Wall Street Journal. The 2013 vintage fund took on $1.3bn in debt to juice its returns but instead got squeezed by falling oil prices, said the Journal story.

Although the particular fund was not named in the article, Palico.com lists EnerVest as having raised $2bn for a Fund XIII in 2013. (It’s a bit reminiscent of a certain famous NASA mission that gave the world the expression, “Houston, we’ve had a problem.”)

Investors included foundations, such as the J. Paul Getty Trust, John D. and Catherine T. MacArthur and Fletcher Jones, as well university investment vehicles for Michigan State University and Arizona State University, according to the report.

EnerVest is certainly not alone in having poor performance on investments in recent years. The table below shows investment returns disclosed by the Hatteras Master Fund, L.P. , which invests in adviser funds, in its 1Q17 report filed with the SEC.

Investments in Adviser Funds $ Cost $ Fair Value % Return
Talara Opportunities III, L.P. 931,001 71,693 -92%
Canaan Natural Gas Fund X, L.P. 6,152,301 1,321,868 -79%
Urban Oil and Gas Partners A-1, L.P. 6,874,263 1,600,000 -77%
Natural Gas Partners IX, L.P. 2,021,021 729,698 -64%
Merit Energy Partners F-II, L.P. 1,156,832 515,500 -55%
EMG AE Permian Co-Investment, L.P. 3,000,000 1,379,183 -54%
EnerVest Energy Institutional Fund X-A, L.P. 2,177,100 1,002,113 -54%
Quantum Energy Partners IV, L.P. 4,802,736 2,414,952 -50%
Arclight Energy Partners Fund IV, L.P. 1,233,180 638,633 -48%
NGP Energy Technology Partners, L.P. 746,065 419,860 -44%
Intervale Capital Fund, L.P. 2,179,239 1,419,522 -35%
EnerVest Energy Institutional Fund XI-A, L.P. 6,173,794 4,058,539 -34%
NGP Natural Resources X, L.P. 1,928,333 1,363,271 -29%
NGP Energy Technology Partners II, L.P. 4,520,532 3,321,078 -27%
Pine Brook Capital Partners, L.P. 7,827,712 6,013,027 -23%
The Energy and Minerals Group Fund III, L.P. 2,592,331 2,183,863 -16%
Arclight Energy Partners Fund V, L.P. 3,616,050 3,065,839 -15%
Urban Oil and Gas Partners B-1, L.P. 3,521,520 3,193,474 -9%
NGP Natural Resources XI, L.P. 1,508,398 1,556,363 3%
NGP Midstream & Resources, L.P. 4,111,610 4,805,368 17%
The Energy and Minerals Group Fund IV, L.P. 1,114,989 1,387,237 24%
Quantum Energy Partners V, L.P. 8,538,501 12,125,777 42%
EMG Ascent 2016, L.P. 4,204,064 6,009,105 43%
The Energy and Minerals Group Fund II, L.P. 4,378,999 6,675,255 52%
Cadent Energy Partners II, L.P. 5,299,726 8,137,497 54%
Midstream & Resources Follow-On Fund, L.P. 1,437,583 3,927,977 173%
Natural Gas Partners VIII, L.P. 169,832